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Poker Provides 80% Of paddyPowers Earnings
9/30/09 - The growing importance of Paddy Power group's online gambling operations was emphasised by CEO Patrick Kennedy in an interview with Bloombergs business news this week.
Kennedy was bullish on the group's prospects for 2010, where he expected faster growth in the Australian operations of the group, and said that earnings from online gambling activities could rise to more than 80 percent of profit “in the not too distant future” from two-thirds at the latest results.
Kennedy revealed that Paddy Power is building up its Internet unit and increasing its overseas presence as the recession in its home market cuts betting shop wagers.
In July, the bookmaker bought a 51 percent stake in Sportsbet Pty Ltd. to expand into Australia. Sales momentum there “remains very strong,” the CEO said, adding the company is now able to secure U.K. stores on better terms as retailers exit the high street.
“I think 2010 will be a good year for Paddy Power,” said Kennedy (40). "When I look at 2010 and beyond I think we will continue to grow our share in all of our markets.”
In the two months since the Sportsbet acquisition, the Australian business increased customer numbers by about 80 percent from a year earlier, Kennedy said. That represented an acceleration from 70 percent growth in the nine months through March.
Paddy Power may move into France once the market opens up, Kennedy said. That could either be done through its own brand or through a joint venture with a French company that would use Paddy Power’s technology.
“Large French companies who would have well-known brands and would know their way round the French market would be the sort of companies we would be looking at,” the CEO said. “We can provide them with the backend and they do the front end.”
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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